Posted on: 16th Mar, 2011 02:53 pm
My fiancee (at the time) and I bought a house. The mortgage is his, but we are listed as joint tenants with right of survivorship. We broke up and I am remarried, however I received legal notification that he is now in foreclosure. I would like to take over the house/mortgage. Can that be done without having to take out a new mortgage?
The property is in Florida, which is a Lien Theory state.
The property is in Florida, which is a Lien Theory state.
hi nancyniles
welcome to mortgage fit,
if you wish to take full control over the property you should refinance the mortgage completely on your name or jointly with your current partner (spouse).
as the property is in florida and state practises lien theory, it would be more difficult to the lender to take hold of the property so you should work on it as early as possible.but in order to refinance the home you should contact your ex so that he can quitclaim his % share in home to you.
feel free to ask any further query if you have....
dipa
welcome to mortgage fit,
if you wish to take full control over the property you should refinance the mortgage completely on your name or jointly with your current partner (spouse).
as the property is in florida and state practises lien theory, it would be more difficult to the lender to take hold of the property so you should work on it as early as possible.but in order to refinance the home you should contact your ex so that he can quitclaim his % share in home to you.
feel free to ask any further query if you have....
dipa
Follow up question...
Since I am not on the mortgage, only the deed. If I am unable to refinance it in my name only and/or he refuses to quit claim his % of the house, and I allow it to foreclose, does this show up on my credit report in any way? Or would it have any bearing on my ability to purchase a home in the future?
Since I am not on the mortgage, only the deed. If I am unable to refinance it in my name only and/or he refuses to quit claim his % of the house, and I allow it to foreclose, does this show up on my credit report in any way? Or would it have any bearing on my ability to purchase a home in the future?
Hi Nancyniles,
As you rightly said that you are no on the mortgage and only on the deed so there is no question of getting your credit hampered because of foreclosure.Rather foreclosure will hamper your Ex. credit.
The foreclosure will not show on your credit report at all.
It will not impact in anyway in future on the ability to purchase a new home.
Feel free to ask any further query if you have.....
DIPA
As you rightly said that you are no on the mortgage and only on the deed so there is no question of getting your credit hampered because of foreclosure.Rather foreclosure will hamper your Ex. credit.
The foreclosure will not show on your credit report at all.
It will not impact in anyway in future on the ability to purchase a new home.
Feel free to ask any further query if you have.....
DIPA